Serene Stereos has the following inventory data: Nov. 1 Inventory 30 units @ $6.00 each Purchase 120 units @ $6.45 each 17 Purchase 60 units @ $6.30 each 25 Purchase 90 units @ $6.60 each A physical count of merchandise inventory on November 30 reveals that there are 100 units on hand. Cost of goods sold under FIFO is

Serene Stereos has the following inventory data: Nov. 1 Inventory 30 units @ $6.00 each Purchase 120 units @ $6.45 each 17 Purchase 60 units @ $6.30 each 25 Purchase 90 units @ $6.60 each A physical count of merchandise inventory on November 30 reveals that there are 100 units on hand. Cost of goods sold under FIFO is

Name: Serene Stereos has the following inventory data:Nov. 1Inventory30 uni
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Description: Serene Stereos has the following inventory data:Nov. 1Inventory30 units @ $6.00 each8Purchase120 units @ $6.45 each17Purchase60 units @ $6.30 each25Purchase90 units @ $6.60 eachA physical count of merchandise inventory on November 30 reveals that th

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Crane Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 107 units were sold. Date May 1 15 24 Explanation Inventory Purchases Purchases Totals Ending inventory at May 31 Cost of goods sold e Textbook and Media Units 50 41 Save for Later 58 149 $ Unit Cost $15 18 Calculate the ending inventory at May 31 and cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125.) $ 19 Total Cost $750 738 FIFO 1,102 $2,590 $ $ LIFO $ $ Average-cost Attempts: 0 of 3 used Submit Answer
Coronado has the following inventory information. July 1 Beginning Inventory 20 units at $20 $400 7 Purchases 50 units at $19 950 22 Purchases 10 units at $20 200 $1550 A physical count of merchandise inventory on July 31 reveals that there are 30 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is $1020. $970. $977. $996.
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